How to get a good credit record

You need to have bills or accounts in your own name. Years ago it was acceptable to have no bills – but not today. Having no credit history can be as frustrating as having a poor credit profile.

A credit report includes information on how often you paid your bills late. Even if you pay one day late, it’s recorded. It’s usually better (and cheaper) to pay your bills via debit orders, just ensure that you monitor your accounts monthly.

Do not to get too close to your credit ceiling and be aware of your total debt, keeping it as low as possible

Be honest when completing your schedule of monthly expenses on applications for credit – much of the information can be picked up on the credit report anyway. Non-disclosure on a credit application is viewed in a serious light

If you own property, you’re regarded as a lower risk. And if you rent, take care not to move around too often

The first step to managing your credit profile, is to check your existing credit record which is obtainable from each relevant credit bureau.  In terms of the National Credit Act (NCA) you are entitled to one free credit report per year from each of the registered credit bureaus. Remember that you have the right to challenge the information!